16 May 2012. Former special secretary to Andhra Pradesh government K V Bramhananda Reddy and noted industrialist Nimmagadda Prasad were arrested by the CBI on Tuesday. The arrests were made in connection with an alleged disproportionate assets case involving Kadapa MP Y S Jaganmohan Reddy.

Bramhananda Reddy, an Indian Railways Accounts Service officer, is alleged to have helped Jagan in amassing wealth, CBI sources said. Nimmagadda Prasad alias Matrix Prasad allegedly invested over Rs 500 crore in different businesses of Jagan.

Jagan’s father (late) Y S Rajasekhara Reddy allegedly allotted 15,000 acres of land to Prasad’s company for development of the Vadarevu-Nizampatnam Port and Industrial Corridor.